Re-Mortgage and Clear the Help to Buy

5
Edited by:"sman123"Found 23rd Jan
I am looking for suggestions, my mortgage is coming to a renewal. I am planning to re-mortgage and clear my existing help to buy.

Is this a good idea or shall i hold my Help to Buy for some more time... ?
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I was under the impression Help to Buy was only open to first time buyers and therefore you would be ineligible by already owning a property and having a mortgage.
Edited by: "Toptrumpet" 23rd Jan
Original Poster
Toptrumpet14 m ago

I was under the impression Help to Buy was only open to first time buyers …I was under the impression Help to Buy was only open to first time buyers and therefore you would be ineligible by already owning a property and having a mortgage.


I would have confused with the title ...updated it... I was looking for suggestions to clear my existing Help to Buy.... I am thinking on options of taking a re-mortgage on top of my existing mortgage and clear the help to buy.....
Toptrumpet14 m ago

I was under the impression Help to Buy was only open to first time buyers …I was under the impression Help to Buy was only open to first time buyers and therefore you would be ineligible by already owning a property and having a mortgage.

Sure you could. But only if your at the end of you current deal/term and have enough equity to release funds and pay back H2B and meet affordability criteria
Check the T&C's of the shared ownership for any minimum terms or fees first.

A big one is going to depend on the affordability calculation after taking into account the h2b repayment.
If you can get out of shared ownership generally it's best to do it as soon as possible as the value of the shared % increases with market value so the longer you wait the higher the cost plus the "rent"
My 5 year "free" period comes to an end next may.

I'm going to remortgage to clear the HTB %. Otherwise you are just paying interest on the HTB balance only and will need to repay this at a later date still.
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